ATP Oil & Gas Corporation Under Investor Investigation Over Possible Violations Of Securities Laws

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Company Name(s): 
ATP Oil & Gas
Affected Securities: 

San Diego, Aug 29, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of ATP Oil & Gas Corporation (NASDAQ: ATPG) over possible violations of Federal Securities Laws was announced.

The investigation by a law firm focues on potential federal securities laws violations in connection with certain compensation and corporate governance matters involving certain of ATP Oil & Gas' executive officers and directors.

ATP Oil and Gas CEO’s executive Total compensation rose from $4.06million in 2009 to $4.97million in 2010 and the president’s pay increased from $1.87million for 2009 to $2.3million in 2010.

However ATP Oil & Gas’ financial performance weakened. Despite that ATP Oil & Gas’ annual Total Revenue increased from $312.15million in 2009 to $438.00million in 2010, its 12months Total Revenue fell from $607.93million in 2007, respectively $618.03million. Additionally ATP Oil & Gas’ Net Income fell from $48.62million in 07, respectively $121.70million in 2008 to a Net Loss of $48.96million in 2009, which even increased in 2010 to a Net Loss of $337.55million.
Additionally, even though shares of ATP Oil & Gas Corporation (Public, NASDAQ:ATPG) rose from as low as $3.10 in March 09 to as high as $22.73 in April 2010, NASDAQ: ATPG fell before that from almost $50 in 2008, respectively over $56 in 2007. Further, even though ATPG stocks traded as high as almost $23 in April 2010 ATPG shares fell in 2010 also below the $10 mark with $9.76 on July 23, 2010 and closed 2010 at $16.74 per share.

In the first months in 2011 ATPG shares almost reached the $20 mark, but fell in the past few weeks to as low as $7.15 on August 9, 2011 after ATP Oil & Gas Corp. reported its second quarter 2011 results.